United

Bitcoin

when

Rise

<ul class="wp-block-list">
 <li>The Cup and Handle formation for Bitcoin forecasts an upswing to $70000; the price target for the long term is $126,107.</li>  
 <li>That means there are $21 billion of leveraged short positions at risk to be liquidated if Bitcoin climbs up to $70,000.</li>  
 <li>The last surge to $48,000 may be a “final flush” before the price spike, and this may provide buying points.</li> 
</ul>  
<p>Bitcoin traders have been closely observing a<a href="https://cryptonewsland.com/analyst-calls-btc-dip-perfectly-bullish/" target="_blank" rel="noopener noreferrer nofollow"> rally</a> to $70,000 which is forming as the “Cup and Handle” formation. This formation was initiated in August and remains a primary technical signal with analysts expecting the price to reach $126,107. Focusing on the Chinese exchange and the imminent election in the United States, the anticipated course of prices is further boosted.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/martypartymusic/status/1842956734026874939
 </div>
</figure>  
<p>Much emphasis is placed on the $21b of leverage short positions that are currently open. If Bitcoin rises to $70,000, it is expected to trigger a wave of <a href="https://cryptonewsland.com/bitcoin-volatility-in-the-spotlight-as-over/" target="_blank" rel="noopener noreferrer nofollow">short liquidations</a>, as short merchants are in trouble. This compile of shorts at this level has brought about a situation where any upward movement can force the Bitcoin price to rally due to liquidations.</p>  
<h2 class="wp-block-heading" id="h-possible-fall-in-the-market-before-the-rise">Possible Fall in the Market Before the Rise</h2>  
<p>However, there is likelihood that the market is going to be pulled back before it gets to the expected upswing. They’ve cautioned that there may be a final squeeze, which entails BTC plunging to force leveraged longs to cash out. This dip could carry the price as low as $48 000 before the price hikes again.&nbsp;</p>  
<p>The long-term spot traders should hold their positions because the market will bounce back shortly. Such a situation means that exchanges can close for a short period implying that the traders cannot take advantage of the low price.In this case, some limit buy orders could be placed within the range of $48800- $52000, so as to make profits when the predicted nosedive occurs.&nbsp;</p>  
<p>For those who are in a leveraged position, it may be possible to buy long limit orders between $48,000 and $58,000 to capture the downside in case of a market drop. These orders incurred no startup fee and may have substantial potential for gains should the market recover as anticipated.</p> 
<p>The post <a href="https://cryptonewsland.com/bitcoins-cup-and-handle-pattern-signals-path-to-126k-but-a-final-flush-could-be-imminent/" rel="noopener noreferrer nofollow">Bitcoin’s ‘Cup and Handle’ Pattern Signals Path to $126K—But a Final Flush Could Be Imminent</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Bitcoin’s ‘Cup and Handle’ Pattern Signals Path to $126K—But a Final Flush Could Be Imminent

Table of Contents

Crypto News Land

Other articles published on Oct 6, 2024

PEPE Whale Faces EIGEN Loss: $407K Down After Selling 772K Tokens

MiCA and the Future of Crypto in Europe: Why USDT is Just the Beginning of Major Delistings

REEF Set for a 400% Surge After 98% Drop: Expert Insights Inside

Best TRON Meme Coins to Buy in October 2024: Catch the Next

Developers of Surprise Altcoin Sell Large Amount of Ethereum

Cash Not Crypto Remains Preferred Tool for Criminals: Report

Join our free newsletter for daily crypto updates!